TSE’s bid-and-ask quote seems wrong

I own 11,000 shares of Discovery West Corp., and on Aug 4 my broker issued a “good until cancelled” sell order for all of these shares at $1.40.

If I understand the mechanism of a stock exchange, my sell order established the “ask” for Discovery West at no more than $1.40. To my surprise, your Aug 14, 21 and 28 issues continued to report Discovery West at $1.25 bid, $1.50 ask. I believe that the shown spread of 25 cents , rather than 15 cents , diminished my chances of effecting a trade in August. Is the TSE giving you correct information? C.G., Franklin Lakes, N.J.

We have checked with The Toronto Stock Exchange’s records department the dates to which you refer. Their figures concur with trading results published in The Northern Miner.

According to Peter Traynor, an information support officer at the TSE, bid and ask levels fluctuate during a given trading day but only the closing prices are published in business newspapers the following day. He said the fluctuating prices shouldn’t have affected your chances of effecting a trade.

We attempted to get a second opinion from the TSE’s market surveillance department but they refused to comment on what appears to be a broker/client dispute.

Instead, a spokesman in the department suggested that you write to Shirley Pratt at Central Complaints Bureau, Toronto Stock Exchange, No. 2 First Canadian Place, Toronto, Ont. M5X 1J2.

Your letter will be forwarded to the appropriate department and a report will be sent out to you.

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